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Union Budget 2023: New vs Old Tax Regime – See What Has Changed

Union Budget 2023: New vs Old Tax Regime – See What Has Changed

by | Feb 1, 2023 | top-stories


Budget 2023: New income tax slabs have been announced

New Delhi:

Finance Minister Nirmala Sitharaman has increased the rebate limit for individual taxpayers from Rs 5 lakh to Rs 7 lakh a year.

“..Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to pay any tax,” Ms Sitharaman said while presenting Budget 2023 in parliament today.

She also announced new tax slabs and scrapped the old twin-structure system that was unboxed in 2020, which taxed citizens under 25 per cent without exemptions and 30 per cent with exemptions allowed.

The new slabs are:

Rs 0-3 lakh – no tax

Rs 3-6 lakh – taxed at 5 per cent

Rs 6-9 lakh – taxed at 10 per cent

Rs 9-12 lakh – taxed at 15 per cent

Rs 12-15 lakh- taxed at 20 per cent

Above Rs 15 lakh – taxed at 30 per cent

Difference between old and new tax regime

“I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh,” Ms Sitharaman said.

In Budget 2020, the Finance Minister had given an option to individual taxpayers to either continue in the old rate, under which they could still claim tax exemption, or opt for the reduced new rate but with no scope for claiming exemptions.

The old tax regime had 30 per cent tax rate for those whose income was Rs 15 lakh a year, but they could claim exemptions.

Those who opted for the new regime first announced in 2020 and whose income was over Rs 15 lakh were taxed at 25 per cent, but they could not claim exemptions.

Below is an example of how the new tax regime leads to more savings:

If your salary is Rs 7 lakh a year, then you don’t have to pay any tax. Earlier, the rebate was Rs 5 lakh.

Now, let’s say your salary is Rs 9 lakh a year. It will be taxed by compartmenting the amount into slabs. Accordingly:

A. 0-Rs 3 lakh: no tax (earlier, it was 0-Rs 2.5 lakh)

Balance: Rs 6 lakh to be taxed under two slabs i.e. Rs 3-6 lakh portion at 5 per cent and Rs 6-9 lakh portion at 10 per cent

B. Rs 3 lakh taxed at 5 per cent: Rs 15,000

Balance: Rs 3 lakh to be taxed under one slab i.e. Rs 6-9 lakh portion at 10 per cent

C. Rs 3 lakh taxed at 10 per cent: Rs 30,000

Total tax on Rs 9 lakh (sum of A, B and C): Rs 45,000

However, if tax on this Rs 9 lakh was calculated using the old slabs (0-Rs 2.5 lakh exempted and Rs 5 lakh rebate), you’d need to pay at least Rs 60,000, which means the new slabs lead to savings of some 25 per cent.



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Budget: Eye On Growth, Big Announcements Before 2024 Polls

Budget: Eye On Growth, Big Announcements Before 2024 Polls

by | Feb 1, 2023 | top-stories



Budget 2023: Nirmala Sitharaman will present the Union Budget today

New Delhi:
The Union Budget for fiscal 2024, to be presented by Finance Minister Nirmala Sitharaman, will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent. This is Ms Sitharaman’s fifth Budget presentation since 2019.

Here’s your 10-point cheatsheet to this big story:

  1. Predictably, India’s middle class is looking for some form of income-tax relief. Though the tax slab wasn’t changed and no new deduction was announced last year, inflation has eaten into people’s earnings. They haven’t seen a change in tax rate since 2017-18 and in tax slab since July 2014.

  2. Ms Sitharaman may be able to afford a balanced, not a populist, Budget since the general election is still a year and one more Union Budget away. Still, with Prime Minister Narendra Modi’s BJP hoping to win a third consecutive term, massive welfare programmes for farmers and the rural population can’t be ruled out.

  3. The Finance Ministry had been considering increasing the limit under 80C, which includes investment in life insurance, fixed deposit, bonds, housing and public provident fund. If this happens, it will encourage savings and help raise rainy day funds of people whose savings were eroded at the height of the COVID-19 pandemic.

  4. The markets in India – Asia’s third-biggest economy – will be closely watched when Ms Sitharaman begins her Budget speech at 11 am. Adani group companies led most of the fluctuations last week, but on Tuesday its Rs 20,000 crore follow-on share sale sailed through, bringing relief to the group that’s facing allegations of fraud made by US-based short-seller Hindenburg.

  5. The Modi government may strengthen its “Make In India” and “Atmanirbhar Bharat” policies by giving financial benefits to manufacturers and suppliers who want to set up shop in the country. India has been advertising itself as an alternative to China in the global supply chain.

  6. The real estate sector, which nosedived during the pandemic, expects the centre to announce favourable schemes and tax breaks to improve its luck after a slow but surefooted revival last year. In 2019, the goods and services tax, or GST, council cut the tax rate on affordable houses from 8 per cent to 1 per cent. The sector expects similar announcements in this Budget too.

  7. Over half of India’s population is under 30. For them, the focus would be on job security and reduced tax on products that they prefer to buy, such as electronic goods. Better terms for education loans and other forms of financial help for school and higher education will be keenly watched.

  8. The farm sector went through difficult times in 2022 due to global supply problems, unseasonal rains and floods, effects of climate change and the war in Ukraine. Ms Sitharaman would likely have something to cushion them from all these shocks. After all, farmers make for a large and influential voter base.

  9. Ms Sitharaman may pick up from where she left on “digital rupee”, which was first announced in last year’s Budget as a possible alternative to cryptocurrencies. Crypto trades have in recent times become wildly popular across the globe, albeit risky since there exists a grey area of regulation. The Finance Minister may give a status update on “digital rupee”.

  10. A Bloomberg brief of what to expect includes extension of long-term capital gains tax to immovable property and unlisted shares, compensation to oil retailers for selling fuel below market prices, cut in import taxes on gold to 10 per cent to rein in illegal shipments and increase in defence budget amid border tensions with China. 



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Asaram Gets Life Sentence For Raping Former Woman Disciple

Asaram Gets Life Sentence For Raping Former Woman Disciple

by | Jan 31, 2023 | top-stories



Asaram is already serving a life sentence in another rape case. (File)

Ahmedabad:

A court in Gandhinagar on Tuesday sentenced self-styled godman Asaram Bapu, convicted in a rape case filed by a former woman disciple in 2013, to life imprisonment.

The 81-year-old is currently lodged in a Jodhpur jail, where he is serving life sentence in another case of raping a minor girl at his ashram in Rajasthan in 2013.

Sessions court judge D K Soni pronounced the ruling after hearing the arguments on the quantum of sentence.

The court on Monday convicted Asaram in a case registered in 2013 for raping a woman disciple, who hailed from Surat, on several occasions from 2001 to 2006 when she was living at his ashram at Motera near Ahmedabad.

The court convicted Asaram under Indian Penal Code Sections 376 2 (C) (rape), 377 (unnatural offences), 342 (wrongful detention), 354 (assault or criminal force to woman with intent to outrage her modesty), 357 (assault) and 506 (criminal intimidation), in the case lodged by his former woman disciple in 2013.

The court had acquitted six other accused, including Asaram’s wife Laxmiben, their daughter, and four disciples who were accused of aiding and abetting the crime, for want of evidence, the prosecution said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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Ex Google Employee Found Out He Was Fired While Feeding Newborn At 2 AM

Ex Google Employee Found Out He Was Fired While Feeding Newborn At 2 AM

by | Jan 30, 2023 | top-stories


Nicholas Dufau was working as the Associate Product Counsel for Google.

A former Google employee has revealed that he found out about his layoff at 2 am while he was feeding his newborn daughter. Nicholas Dufau said he felt “acutely expendable” when he received the email days after the birth of his first child.

The Los Angeles-based lawyer was working as the Associate Product Counsel for Google for the last six months. Mr Dufau was on parental leave after his daughter was born in the early hours of January 17. 

Mr Dufau took to LinkedIn to share the same. He said, “Last Tuesday morning at 2am, I became a father. The next day, my Google teammates showered me with heart emojis and virtual confetti, wishing me well on my paternity leave. On Friday morning at 2am while feeding my infant, I received a notification that I had lost access to my Google corporate accounts. I had been laid off via automated email.” He also shared a picture of himself feeding his little one on his company’s Slack channel. 

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He stated that his colleagues said that Google was a company “that treasured its employees” and encouraged him to take the full extent of his parental leave. “And so last week marked the end of my 6 month stint at Google where I worked on a team packed with intelligent, driven, and kind folks who welcomed me into their Google family. They reassured me that the company was one that treasured its employees and encouraged me to take the full extent of my parental leave to cherish this precious time with my family,” he stated. 

Mr Dufau said that he has been thankful to his team who valued him as a person. 

“Every layoff hurts-the timing of this experience, however, not only made me feel acutely expendable, it made me feel naive. Fortunately, many of my former colleagues have reached out with warmest wishes and sympathies, all while they continue to navigate what I’m sure are tumultuous times at Google,” the former Google employee added. 

He added that his wife and newborn daughter are giving him comfort and are trying to lift his spirits. Concluding the post, he said, “They have shown me that whatever difficulties I may be facing, I still have so much more to be thankful for. #google,” 

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Rahul Gandhi Says China On Indian Land, Centre’s Approach “Dangerous”

Rahul Gandhi Says China On Indian Land, Centre’s Approach “Dangerous”

by | Jan 30, 2023 | top-stories

Rahul Gandhi said country is under the impression that China have not taken any land from India.

New Delhi:

Congress’s Rahul Gandhi again sounded a warning about China on Sunday and said around 2,000 sq km of Indian territory in Ladakh has been under Chinese occupation.  “I keep repeating that the approach the government is following, by denying that the Chinese have taken our land, is an extremely dangerous approach,” Mr Gandhi said at a press conference in Jammu and Kashmir’s Srinagar.  

This, he added, is “going to give them the confidence to do even more aggressive things”.

“I think the way to deal with the Chinese is to deal with them firmly, and to make it clear that they are sitting on our land and it is not something we will tolerate,” he said.  

Repeating the allegation he had raised after the 2021 clashes at Ladakh’s Galwan, Mr Gandhi said the country is under the impression that the Chinese have not taken any land from India.  

“I recently met some ex-army people and even a delegation from Ladakh has clearly said that 2,000 sq km of Indian territory has been taken over by the Chinese. They also said that many, many patrolling points that were in the Indian territory is firmly in Chinese hands,” he added.  

During the Bharat Jodo Yatra also, Mr Gandhi has spoken of the issue several times.  

“What the Chinese are saying to us is that be careful with what you are doing, because we will alter your geography. We will enter Ladakh, we will enter Arunachal (Pradesh), and what I can see is them building a platform for that type of an approach,” Mr Gandhi said in a conversation with film actor-turned-politician Kamal Haasan.

Mocking Mr Gandhi as “perpetually confused,” the BJP alleged that he has “made his intention clear that India should surrender before China in the same way it used to happen during his party’s government”.

After Mr Gandhi cited a report by a senior police officer in Ladakh that India has lost access to 26 of 65 patrolling points, foreign minister S Jaishankar claimed the land “was in fact occupied in 1962” – a period when Jawaharlal Nehru was the Prime Minister.

“Sometimes they spread news that they know is false. They project as if it happened just now, when it, in fact, happened in 1962… They won’t talk about that,” Mr Jaishankar had said.  



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